ATIF Holdings Ltd Files Q3 2024 10-Q Report

TL;DR

**ATIF Holdings Ltd filed its 10-Q for Oct 31, 2024. Check financials.**

AI Summary

ATIF Holdings Ltd filed its quarterly report on Form 10-Q for the period ended October 31, 2024. The company, previously known as Asia Times Holdings Ltd, is incorporated in the British Virgin Islands and its principal executive offices are located in Lake Forest, California. The filing covers the quarterly period and is part of the company's ongoing reporting obligations under the Securities Exchange Act of 1934.

Why It Matters

This filing provides investors with an update on ATIF Holdings Ltd's financial performance and operational status for the third quarter of fiscal year 2024, crucial for assessing the company's current health and future prospects.

Risk Assessment

Risk Level: medium — The company's filing is a standard quarterly report, but without specific financial details or operational updates, it's difficult to assess its current risk profile beyond the inherent risks of public companies.

Key Players & Entities

• ATIF Holdings Ltd (company) — Registrant
• October 31, 2024 (date) — Quarterly period end date
• Asia Times Holdings Ltd (company) — Former company name
• British Virgin Islands (location) — State of incorporation
• Lake Forest, California (location) — Principal executive offices
• 001-38876 (other) — Commission File Number

FAQ

Filing Documents

• ea0224664-10q_atifhold.htm (10-Q) — 409KB
• ea022466401ex31-1_atifhold.htm (EX-31.1) — 10KB
• ea022466401ex31-2_atifhold.htm (EX-31.2) — 10KB
• 0001213900-24-110341.txt ( ) — 3171KB
• atif-20241031.xsd (EX-101.SCH) — 34KB
• atif-20241031_cal.xml (EX-101.CAL) — 31KB
• atif-20241031_def.xml (EX-101.DEF) — 147KB
• atif-20241031_lab.xml (EX-101.LAB) — 253KB
• atif-20241031_pre.xml (EX-101.PRE) — 155KB
• ea0224664-10q_atifhold_htm.xml (XML) — 283KB

-FINANCIAL INFORMATION

PART I-FINANCIAL INFORMATION 1

Financial Statements

Item 1. Financial Statements 1

Management's Discussion And Analysis Of Financial Condition And Results Of Operations

Item 2. Management's Discussion And Analysis Of Financial Condition And Results Of Operations 18

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

-OTHER INFORMATION

PART II-OTHER INFORMATION 24

Legal Proceedings

Item 1. Legal Proceedings 24

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains certain forward-looking statements. The statements herein which are not historical reflect our current expectations and projections about the Company's future results, performance, liquidity, financial condition, prospects and opportunities and are based upon information currently available to us and our management and our interpretation of what we believe to be significant factors affecting our business, including many assumptions about future events. Such forward-looking statements include statements regarding, among other things: our ability to produce, market and generate sales of our products and services; our ability to develop and/or introduce new products and services; our projected future sales, profitability and other financial metrics; our future financing plans; our anticipated needs for working capital; the anticipated trends in our industry; our ability to expand our sales and marketing capability; acquisitions of other companies or assets that we might undertake in the future; competition existing today or that will likely arise in the future; and other factors discussed elsewhere herein.

Forward-looking statements, which

Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "will," "plan," "could," "target," "contemplate," "predict," "potential," "continue," "expect," "anticipate," "estimate," "believe," "intend," "seek," or "project" or the negative of these words or other variations on these or similar words. Actual results, performance, liquidity, financial condition and results of operations, prospects and opportunities could differ materially from those expressed in, or implied by, these forward-looking statements as a result of various risks, uncertainties and other factors, including the ability to raise sufficient capital to continue the Company's operations. These statements may be found under Part I, Item 2-"Management's Discussion And Analysis Of Financial Condition And Results Of Operations," as well as elsewhere in this Quarterly Report on Form 10-Q generally. Actual events or results may differ materially from those discussed in forward-looking In light of these risks and uncertainties, there can be no assurance that the forward-looking statements contained in this Quarterly Report on Form 10-Q will in fact occur. Potential investors should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, there is no undertaking to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. The forward-looking subse

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS ATIF HOLDINGS LIMITED CONDENSED CONSOLIDATED BALANCE SHEETS October 31, 2024 July 31, 2024 (unaudited) ASSETS CURRENT ASSETS Cash and cash equivalents $ 457,764 $ 1,249,376 Accounts receivable – a related party 200,000 200,000 Deposits 3,000 3,000 Investment in trading securities 4,174,290 424,148 Due from a related party 900,000 900,000 Prepaid expenses and other current assets 50,224 122,224 Total current assets 5,785,278 2,898,748 Property and equipment, net 53,765 60,047 Right-of- use assets, net 45,475 53,793 TOTAL ASSETS $ 5,884,518 $ 3,012,588 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable, accrued expenses and other current liabilities $ 584,380 $ 957,057 Taxes payable 19,985 19,985 Operating lease liabilities, current 20,683 11,375 Total current liabilities 625,048 988,417 Operating lease liabilities, noncurrent 11,790 20,417 Long-term payable 250,000 250,000 TOTAL LIABILITIES 886,838 1,258,834 Commitments SHAREHOLDERS' EQUITY Ordinary shares, $ 0.001 par value, 100,000,000,000 shares authorized, 11,917,452 shares and 11,917,452 shares issued and outstanding as of October 31, 2024 and July 31, 2024, respectively 11,917 11,917 Additional paid-in capital 36,210,985 32,599,985 Accumulated deficit ( 31,225,222 ) ( 30,858,148 ) Total Shareholders' Equity 4,997,680 1,753,754 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 5,884,518 $ 3,012,588 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 1 ATIF HOLDINGS LIMITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS For the Three Months Ended October 31, 2024 2023 (unaudited) (unaudited) Revenues $ - $ 125,000 Operating expenses: Selling expenses 72,000 72,000 General and administrative expenses 449,109 709,779 Total operating expenses 521,109

BUSINESS

BUSINESS ATIF Holdings Limited ("ATIF" or the "Company"), formerly known as Eternal Fairy International Limited and Asia Times Holdings Limited, was incorporated under the laws of the British Virgin Islands ("BVI") on January 5, 2015, as a holding company to develop business opportunities in the People's Republic of China (the "PRC" or "China"). The Company adopted its current name on March 7, 2019. The Company is primarily engaged in providing business advisory and financial consulting services to small and medium-sized enterprise customers. As of October 31, 2024, the Company's unaudited condensed consolidated financial statements reflect the operating results of the following entities: Name of Entity Date of Incorporation Place of Incorporation % of Parent company: ATIF Holdings Limited ("ATIF") January 5, 2015 British Virgin Islands Parent Investment holding Wholly owned subsidiaries of ATIF ATIF Inc. ("ATIF USA") October 26, 2020 USA 100 % Consultancy and information technology support ATIF Investment LLC ("ATIF Investment") April 25, 2022 BVI 100 % Consultancy and information technology support ATIF BD December 22, 2021 USA 100 % owned by ATIF USA Consultancy and information technology support ATIF BC October 6, 2022 USA 100 % owned by ATIF USA Consultancy and information technology support ATIF BM October 6, 2022 USA 100 % owned by ATIF USA Consultancy and information technology support 5 ATIF HOLDINGS LIMITED NOTES TO UNAUDITED CONDENSED CONSOLIDATED FINANCIAL NOTE 2 – LIQUIDITY and GOING CONCERN For the three months ended October 31, 2024 and 2023, the Company reported a net loss of approximately $ 0.4 million and $ 0.6 million, respectively, and operating cash outflows approximately $ 0.8 million and operating cash inflows of approximately $ 0.2 million. In assessing the Company's ability to continue as a going concern, the Company monitors and analyzes its cash and its ability to generate

View Full Filing

View this 10-Q filing on SEC EDGAR